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Nov 4, 2011

Replacement of parts of an existing machinery in the course of their working will be a revenue expenditure

Banks to issue demand drafts of Rs. 20,000/- and above with account payee crossing only

Posted: 04 Nov 2011 08:48 PM PDT

As banks are aware, instruments with account payee crossing are required to be credited to the payee's account and not paid in cash over the counter. However, some unscrupulous elements use demand drafts without any crossing for transfer of money as...

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Bank will not make payment of cheques/drafts/pay orders/banker's cheques if they are presented beyond the period of three months from the date of such instrument w.e.f. 01.04.2012

Posted: 04 Nov 2011 08:46 PM PDT

Reserve Bank is satisfied that in public interest and in the interest of banking policy it is necessary to reduce the period within which cheques/drafts/pay orders/banker's cheques are presented for payment from six months to three months from the...

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RBI liberalises FDI rules related to transfer of shares

Posted: 04 Nov 2011 08:06 PM PDT

Reserve Bank today said that transfer of shares between Indians and non-residents will not require its permission in several key areas like financial services. Amending the Foreign Exchange Management Regulations, the RBI said that its prior...

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Satyam Scam – SC grants bail to B. Ramalinga Raju and his brother B. Rama Raju

Posted: 04 Nov 2011 07:39 PM PDT

The Supreme Court Friday granted bail to erstwhile Satyam Computers Services Ltd founder-chairman B. Ramalinga Raju, his brother B. Rama Raju and staffer V. Srinivas.  An apex court bench of Justice Dalveer Bhandari and Justice Dipak Misra said from...

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Gujarat government decides to simplify the VAT (Value Added Tax) registration procedure

Posted: 04 Nov 2011 07:23 PM PDT

The new procedure will come into effect from December 1, said Minister of State for Finance, Saurabh Patel. Under the new procedure, a provisional VAT number will be generated and issued within three days of receiving the application, an official...

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Replacement of parts of an existing machinery in the course of their working will be a revenue expenditure

Posted: 04 Nov 2011 06:44 PM PDT

CIT Versus Super Cassettes Industries Ltd. (Delhi HC) - It was contended that mould an necessary input for making the desired plastic components. These moulds have to be replaced over a period of time due to normal wear and tear. The assessee used...

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Assessee can set off brought forward losses even if he do not file the return of subsequent years within time required u/s.139(1)

Posted: 04 Nov 2011 05:51 PM PDT

In our considered opinion, the authorities below were not justified in not granting the set off of the brought forward business loss for the reason that the requirement to file return within the time prescribed u/s.139(1) is for carrying forward the...

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Altered Will Must be Signed by Testator – SC

Posted: 04 Nov 2011 05:32 PM PDT

The Supreme Court has said that alterations made in the will by a person do not have legal sanctity unless corrections are executed in the same manner as was done in the case of the original documents. A SC bench said those claiming benefits under...

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RBI advised banks to issue Passbooks to Savings Bank Accountholders (Individuals)

Posted: 04 Nov 2011 03:48 PM PDT

It has come to our notice that some banks are not issuing pass books to their savings banks account holders (individuals) and only issue a computer generated account statement even when the customer desires pass book facility. Banks are, therefore,...

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Repayment of Term/Fixed Deposits in banks opened with operating instructions 'Either or Survivor' or with 'Former or Survivor'

Posted: 04 Nov 2011 02:50 PM PDT

In case the mandate is 'Former or Survivor', the 'Former' alone can operate/withdraw the matured amount of the fixed/term deposit, when both the depositors are alive. However, the signature of both the depositors may have to be obtained, in case the...

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ICAI's reply to RTI application filed regarding 'Empanelment for Centralised Allotment of Tax Audit'

Posted: 04 Nov 2011 04:23 AM PDT

It is held that a matter regarding Empanelment for Tax Audit was discussed in the council at its 221st Meeting held on 6th , 07th and 08th December 2001 and council decided " It was decided that existing system of appointment of tax auditor by the...

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India pitching for consensus among G-20 nations on sharing of tax and banking information with retrospective effect

Posted: 04 Nov 2011 03:40 AM PDT

India is pitching for a consensus among G-20 nations on sharing of tax and banking information with retrospective effect, arguing that it was essential to deal with past cases of tax evasion.Stressing that the era of banking secrecy laws was over,...

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Penalty for concealment of Income can not leviable for Voluntary disclosure of Income after receipt of questionnaire in the absence of any detection or information in possession of the Revenue

Posted: 04 Nov 2011 03:10 AM PDT

CIT Vs. Harnarai (Delhi HC) - In the absence of any material on record to suggest that it was bogus or untrue. It is further evident that there was neither any detection nor any information in the possession of the Revenue which might lead to a...

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Travel Without E-Ticket Printout but with Copy on Laptop, Mobile etc. is acceptable by Railways

Posted: 04 Nov 2011 02:38 AM PDT

Rail passengers needn't carry a printout of their e-ticket anymore. They can travel by showing an SMS message of the ticket on their mobile phone or a screenshot of it on a laptop/iPad along with original identity proof to be shown to the ticket...

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Two Income Tax officers suspended from service on graft charges

Posted: 03 Nov 2011 11:52 PM PDT

Two Income Tax officers, who were arrested on graft charges, have been suspended from service, officials said here today. I-T officer Kurdaram Verma was arrested last month by anti-corruption bureau while he was accepting Rs 50,000 bribe from a...

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Women Chartered Accountant's Diamond Jubilee Conference at Pune

Posted: 03 Nov 2011 10:58 PM PDT

PUNE branch of WIRC of ICAI and Women's Cell of Pune Branch has organized ' WOMEN CHARTERED ACCOUNTANT'S DIAMOND JUBILEE CONFERENCE' on 13th November, 2011 at Pune. The Programme will also have CPE credit of 6 Hours and fees for Participation is Rs....

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Gross direct tax collection up by 20.28 per cent during April-October 2011

Posted: 03 Nov 2011 10:47 PM PDT

The gross direct tax collection jumped 20.28 per cent during the April-October period to Rs 2,84,081 crore, mainly on account of increase in corporate tax mop-up. The figure was Rs 2,36,176 crore in the same period in the previous fiscal. The gross...

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Varun Gandhi files RTI to get info on MPs and other people having swiss bank account

Posted: 03 Nov 2011 10:34 PM PDT

BJP MP Varun Gandhi on Friday sought names of Members of Parliament and others who have allegedly stashed black money in the accounts of HSBC, Geneva, the details of which have recently been shared with the Finance Ministry. The young MP from...

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Govt likely to make it mandatory for all micro-finance institutions to be registered with RBI

Posted: 03 Nov 2011 09:58 PM PDT

The government is likely to introduce a Bill that seeks to make it mandatory for all micro-finance institutions to be registered with the Reserve Bank of India and entrusts the task of regulating the sector to the central bank in the Winter Session...

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CBEC Observes Vigilance Awareness Week

Posted: 03 Nov 2011 09:45 PM PDT

The contribution of the CBEC towards nation-building, especially as the revenue collecting arm of the government should be appreciated in the correct perspective. He underlined the virtues of courage and commitment in the due discharge of the duties...

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Union Finance Minister , Shri Pranab Mukherjee's Speech at the Ninth India today Chief Minister's Conclave

Posted: 03 Nov 2011 09:43 PM PDT

This event has become closely identified with the performance assessment of the state of Indian States on a number of well reasoned parameters. It gives this event certain glamour, some mystique and it may also be fuelling some exam like...

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Collection of Account Payee Cheques by co-operative credit societies- Prohibition and Relaxations on Crediting Proceeds to Third Party Account

Posted: 03 Nov 2011 09:38 PM PDT

With a view to mitigate the difficulties faced by the members of co-operative credit societies in collection of account payee cheques, relaxation was extended vide our circular DBOD.BP.BC.No. 47/21.01.001/2010-11 dated October 1, 2010. In terms of...

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Interest subvention on pre-shipment and post-shipment rupee export credit is extended from April 1, 2011 to March 31, 2012

Posted: 03 Nov 2011 09:35 PM PDT

UBD.BPD (AD) Cir.No.3/13.05.000/2011-12 Government of India has decided to extend interest subvention of 2% on rupee export credit on specified export sectors from April 1, 2011 to March 31, 2012. Accordingly, the interest subvention on pre-shipment...

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Singapore-Spain Avoidance of Double Taxation Agreement To Come Into Force

Posted: 03 Nov 2011 09:19 PM PDT

Singapore's agreement with Spain for the avoidance of double taxation (DTA) will come into force on 1 February 2012. The agreement is Singapore's 68th DTA and will encourage and facilitate cross-border trade and investment between Singapore and...

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